‘Highly successful' year for Young's as revenue grows by 8.7%
A "highly successful" year for Young's pub company saw revenue up by 8.7% reaching £303.7m.
Financial results for the year to 1 April 2019 saw managed house revenue grow by 9% to £290.3m, thanks to like-for-like sales increases of 5.1%.
Profit before tax stood at £39.5m up from £37.6m the year before.
The year saw £67.1m spent on acquisitions, including 15 Redcomb pubs that were purchased for £34m.
Chief executive Patrick Dardis said: "I am very pleased to announce such a strong set of results, which are a testament to the quality of our incredible people who bring our premium positioned pubs to life. These results demonstrate that our strategy continues to deliver.
"The addition of the 15 Redcomb pubs complements the existing Young's managed house estate and presents tremendous opportunities for future growth. We have continued to invest in our existing estate as well as upgrading our technology, and are excited to realise this potential.
"It has been a tough start to the year against very strong comparatives with the only good weather coming in the Easter bank holiday this year. Looking ahead, the amazing weather throughout the summer of 2018 and England's World Cup success sets a high benchmark for the coming months. However, we remain confident that we will continue our strong growth story in the coming year."
